Ethereum
$3,998.39 -5.00%
ETH · 3w

We are 157 thousand silver-investors in need for a crypto-secured wire-transfer without counterparty risk

I would appreciate your input on the following situation and how it can be implemented in the smartcontract-ecosystem. We don't need a massive counterparty vault and metal backed crypto-tokens which lead to confiscation and dilution. We keep silver in our own posession. But in addition, we will need a silver wire-transfer without counterparty risk. Say I want to pay some ounces of silver to a target 1000 miles away. I ask the crypto-system to arrange that. It tells me to meet with someone who is 1 mile away, that person gives me a hash that I can immediately verify, i give the ounces plus a fee. 1000 miles away the target gets a notice containing another hash and arranges a meeting with someone 1 mile away to get the ounces for that hash. We don't need a banking system for that. The counterparty risk is limited to the amount we transfer and only for the duration of the transfer. Note that these tens of thousands of silver-investors do not want to learn the ins and outs of smart contracts, we want something that \*just works\*. My initial thoughts on this focused on coin-shop owners who could play the role of the two intermediates: they could exchange silver with Ethereum. But that is a foolish route to consider: They have huge interest in keeping the current system going. When selling they charge us 20% premium. And taxes apply because in most countries coinshop implies company implies taxes. We want a barter-system (taxless like a yard-sale) between the smart-contract world and the physical silver world.
Go to self.ethtrader
Recent news
ETH -5.00% · petapixel.com · 13h

Bullish af

Adobe's Scott Belsky confirmed that the company will be adding a "Prepare as NFT" save option to Photoshop.
ETH -5.00% · cryptoreportage.com · 15h

The new Ethereum update is ready

The Altair fork will introduce considerable improvements to the network to bring the merger between Ethereum and Ethereum 2.0 even closer. Altair, the first hard fork of the Ethereum Beacon Chain is n...